Suppose the demand function for avocados is Q=104-40p+20p₁ +0.01Y, where p is the price of avocados, p, is the price of tomatoes, and Y is average income, and the supply function for avocados is where Pr is the price of fertilizer. Suppose p = $0.80, Y =$4,000, and p = $0.40. What is the equilibrium price and quantity of avocados? The equilibrium price of avocados is and the equilibrium quantity is Q=58+15p -20pf, and the equilibrium quantity is p=$2 Q = 80 units. (Enter your responses rounded to two decimal places.) Suppose the government charges a $2.20 specific tax per avocado to be paid by consumers. With the tax, the equilibrium price of avocados is p=$ units.

Suppose the demand function for avocados is Q=104-40p+20p₁ +0.01Y, where p is the price of avocados, p, is the price of tomatoes, and Y is average income, and the supply function for avocados is where Pr is the price of fertilizer. Suppose p = $0.80, Y =$4,000, and p = $0.40. What is the equilibrium price and quantity of avocados? The equilibrium price of avocados is and the equilibrium quantity is Q=58+15p -20pf, and the equilibrium quantity is p=$2 Q = 80 units. (Enter your responses rounded to two decimal places.) Suppose the government charges a $2.20 specific tax per avocado to be paid by consumers. With the tax, the equilibrium price of avocados is p=$ units.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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